Frenetic ramblings from the start of the "War on Terror" logging my attempts to film outside Finsbury park mosque over 3 years and sitting through all the subsequent court cases. These days I write about whatever and generally stay out of trouble. Do visit Youtube.com/malungtvnews

March 17, 2009

POPE 4 SHARIAH

Islamic finance may be cure for crisis, Vatican suggests as world markets suffer under the weight of the ongoing global financial crisis, the Vatican has put forward a new suggestion, arguing that the principles of Islamic finance may represent a possible cure for ailing markets.

The Vatican's official newspaper, L'Osservatore Romano, recently published an article titled "Islamic finance proposals and ideas for the West in crisis," prepared by Italian economists Loretta Napoleoni and Claudia Segre, in which it was suggested that the basic rules of Islamic finance could relieve suffering markets and particularly international financial systems. Noting that Islam prohibits "riba," Arabic for the usurious loaning of money, the article argued that "sukuk bonds," securities that comply with Islamic law, may be an alternative to interest...